Instructions

ZOOM IN by clicking on the page. A slider will appear, allowing you to adjust your zoom level. Return to the original size by clicking on the page again.

MOVE the page around when zoomed in by dragging it.

ADJUST the zoom using the slider on the top right.

ZOOM OUT by clicking on the zoomed-in page.

SEARCH by entering text in the search field and click on "In This Issue" or "All Issues" to search the current issue or the archive of back issues
respectively.
.

PRINT by clicking on thumbnails to select pages, and then press the
print button.

SHARE this publication and page.

ROTATE PAGE allows you to turn pages 90 degrees clockwise or counterclockwise.Click on the page to return to the original orientation. To zoom in on a rotated page, return the page to its original orientation, zoom in, and
then rotate it again.

CONTENTS displays a table of sections with thumbnails and descriptions.

ALL PAGES displays thumbnails of every page in the issue. Click on
a page to jump.

Tuesday, December 31, 2013 www.guardian.co.tt Guardian
B49
Consolidated Financial Statements for the year ended September 2013
First Citizens Holdings Limited and its Subsidiaries
8 (b) Held to maturity
2013
2012
$'000
$'000
Securities of/or guaranteed by the Government of the
Republic of Trinidad and Tobago
526,036
521,518
Unlisted investments
943,533
855,650
Listed Investments
223,095
256,077
1,692,664
1,633,245
Current portion
189,448
170,382
Non current portion
1,503,216
1,462,863
1,692,664
1,633,245
Balance at beginning of the year
1,633,245
1,819,039
Exchange differences
3,641
4,427
Additions
142,899
33,967
Maturity/Redemption
(160,814) (217,840)
Reclassfication
73,408
---
Amortisation
285
(6,348)
Balance at end of year
1,692,664
1,633,245
8 (c) Fair value through profit and loss
Equity securities:
- Listed
368
2,690
At beginning of year
2,690
5,354
Additions
286
---
Disposals
(2,642)
(3,126)
Gains from changes in fair value
34
462
At end of year
368
2,690
The above equity securities are managed and their performance evaluated on a fair value basis in
accordance with a documented risk management strategy, and information about the groups of
financial instruments is reported to management on that basis.
9 (a) Loans to customers
2013
2012
$'000
$'000
Performing loans
11,333,604 10,126,304
Non-performing loans
502,666
483,834
11,836,270 10,610,138
Allowance for loan losses (Note 9(b))
(319,348) (288,473)
11,516,922 10,321,665
Loans analysed by sector
Consumer
1,992,049
1,502,442
Agriculture
12,386
2,795
Petroleum
5,865
7,128
Manufacturing
153,887
111,995
Construction
3,545,804
3,257,154
Distribution
205,506
181,621
Hotels and guest houses
618,400
352,003
Transport, storage and communications
850,610
369,767
Finance, insurance and real estate
906,198
864,851
Other business services
735,794
606,942
Personal services
13,741
12,953
Real estate mortgage
2,796,032
3,340,487
11,836,272 10,610,138
Current portion
5,092,814
3,570,160
Non current portion
6,424,108
6,751,505
11,516,922 10,321,665
9 (b) Allowance for loan losses
2013
2012
$'000
$'000
Allowance at start of year
288,473
225,486
Exchange
110
---
Charge based on acquisition
---
24,827
Charge for the year
41,936
40,555
Loans written off during the year
(11,171)
(2,395)
Allowance at the end of year
319,348
288,743
9 (c) Impairment loss on loans net of recoveries
Charge for the year
41,936
40,555
Amounts recovered during the year
(6,769)
(2,633)
35,167
37,922
10 Other Loans And Receivables
Corporate
1,559,051
1,735,591
Individuals
29,817
42,719
Total other loans and receivables
1,588,868
1,778,310
Impairment allowance
(5,129)
(62,331)
1,583,739
1,715,979
Current portion
795,582
1,235,693
Non current portion
788,157
480,286
1,583,739
1,715,979
Balance at beginning of the year
1,715,979
1,836,619
Exchange differences
839
5,652
Net disposals
(150,994)
(96,820)
Net movement in allowance
17,915
(29,472)
Balance at end of year
1,583,739
1,715,979
The movement in the impairment allowance is as follows:
Allowance at start of year
62,331
33,420
Exchange differences
218
100
(Recovery)/charge for the year
(39,453)
51,384
Written off during the year
(17,967)
(22,573)
Allowance at the end of year
5,129
62,331
11 Loan Notes
The loan notes due to the Group comprise the following:
i) Taurus Services Limited
616,370
684,856
ii) Notes receivable from Central Bank
1,872,683
1,870,628
2,489,053
2,555,484
(i) This represents several interest bearing notes issued by Taurus Services Limited as consideration for
assets sold to Taurus Services Limited as part of the restructuring of the three former banks and
Government support for the Company on its formation (See Note 1).
The terms of the original notes, dated 30 September 1994, were as follows:
- Tenor of 15 years with effect from 30 September 1994;
- Interest rate of 4.5% below prime with a floor rate of 11.5% per annum;
- A moratorium of 5 years on principal payments; and
- Government guarantee.
On 1 October 2000, a new agreement was entered into whereby the Government made a bullet
payment to reduce part of the interest accrued. The unpaid portion of the interest up to that date
of $150 million was capitalised. Thereafter, accrued interest was capitalised semi-annually until 30
September 2002 (the end of the moratorium) and this totalled $198.4 million. The new principal
balance outstanding on the restructured loan notes as at 30 September 2004 which includes all
capitalised interest to date amounted to $1,267 million.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
(expressed in Trinidad and Tobago dollars)